Union Bank of India sees a bullish price movement on January 3, 2025, with a 3.09% increase in its share price. Learn more about support, resistance levels, and market trends for Union Bank of India stock.
Introduction: Union Bank of India Share Price Update
Union Bank of India’s stock has experienced significant upward movement today, January 3, 2025. As of the latest update, the stock has surged by 3.09%, reaching ₹125.1 per share. Investors and traders are keeping a close watch on the price as it moves beyond resistance levels and continues its bullish momentum. Let’s take a deeper look at the key price movements, support and resistance levels, and what the future might hold for this prominent public sector bank.
Union Bank of India Stock Price Trends
Market Performance on January 3, 2025
Union Bank of India’s stock opened at ₹123.9 today, eventually closing at ₹121.35 the previous day. However, on January 3, the stock reached ₹125.1 per share, marking a 3.09% increase. This is a positive indicator of strong buying activity and investor confidence in the bank. During the day, the stock moved between a high of ₹126.85 and a low of ₹123.65, showing considerable volatility but maintaining an overall upward trend.
Hourly Price Movement
Throughout the trading hours, the stock fluctuated, reflecting a range-bound market with fluctuations from ₹123.85 to ₹127.05. Traders are advised to keep an eye on the support level of ₹123.85 and resistance of ₹127.05 for potential trading opportunities. The hourly support and resistance levels are critical for short-term traders looking to capitalize on intraday market movements.
Support and Resistance Levels for Union Bank of India
Understanding the key support and resistance levels is crucial for investors looking to enter or exit trades based on price action. Below are the identified support and resistance levels for the stock:
Resistance Levels | Price | Support Levels | Price |
---|---|---|---|
Resistance 1 | ₹125.33 | Support 1 | ₹124.28 |
Resistance 2 | ₹126.02 | Support 2 | ₹123.92 |
Resistance 3 | ₹126.38 | Support 3 | ₹123.23 |
These levels act as a guide for both intraday traders and investors, helping them identify key entry or exit points based on the stock’s performance.
Union Bank of India vs. Competitors
When compared to its peers in the banking sector, Union Bank of India has shown a solid performance today. Here’s a comparison of Union Bank of India with other major banks:
Bank Name | Latest Price | % Change | 52W High | 52W Low | Market Cap (Cr) |
---|---|---|---|---|---|
Punjab National Bank | ₹106.25 | 0.76% | ₹142.9 | ₹92.35 | ₹116,992.04 |
Indian Overseas Bank | ₹53.35 | 2.36% | ₹83.8 | ₹42.05 | ₹100,844.37 |
Union Bank of India | ₹124.90 | 2.93% | ₹172.45 | ₹106.55 | ₹95,343.79 |
Canara Bank | ₹102.10 | 1.04% | ₹129.35 | ₹87.7 | ₹18,522.27 |
IDBI Bank | ₹78.01 | 1.8% | ₹107.98 | ₹66.41 | ₹83,879.49 |
Despite a slight dip in the Nifty and Sensex indices, Union Bank of India has performed better compared to its competitors today, showing resilience in market conditions.
Analyst Ratings and Market Sentiment
Union Bank of India has garnered positive analyst ratings, with most analysts recommending a Buy. The median price target is set at ₹149.0, representing a 19.25% upside from the current market price. The lowest target price among analysts is ₹125.0, with the highest estimate being ₹180.0.
The majority of analysts suggest holding or buying the stock in anticipation of continued positive momentum in the coming months.
Conclusion
Union Bank of India’s stock price on January 3, 2025, shows strong bullish momentum, backed by positive market sentiment and investor interest. With resistance levels in place at ₹126.69 and strong support at ₹123.85, traders and investors alike are closely monitoring its next move. Given the positive ratings from analysts and the overall strong market performance, Union Bank of India seems poised for further growth, making it a stock worth watching.
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